Gigamining / Teramining

[johnlu]

gigavps,

if I fullfill and pay my teramining upgrade now, will I stop receiving gigamining weekly payments until teramining is up and running?

Yes.

In this case I'm not going to upgrade until BFL is really close to send orders....

[BurtW]

gigavps,

if I fullfill and pay my teramining upgrade now, will I stop receiving gigamining weekly payments until teramining is up and running?

Yes.

In this case I'm not going to upgrade until BFL is really close to send orders....

I think that is a good idea.  Those of us that met the early sign up deadline are hoping that the bonus coins we get for signing up early will compensate us for the coins we have lost and are losing due to giving up our Gigamining shares.

[burnside]

gigavps,

if I fullfill and pay my teramining upgrade now, will I stop receiving gigamining weekly payments until teramining is up and running?

Yes.

In this case I'm not going to upgrade until BFL is really close to send orders....

I think that is a good idea.  Those of us that met the early sign up deadline are hoping that the bonus coins we get for signing up early will compensate us for the coins we have lost and are losing due to giving up our Gigamining shares.

What happens if BFL never ships?

[Sukrim]

Probably by then you need to send in some DNA samples, a video of your most recent colonoscopy, an iris scan and finger prints, all with a 2 ounce 24 karat seal of approval from the POTUS to some "lawyer" on the cayman islands... to get back your gigamining share claim on GLBSE.

[BurtW]

Probably by then you need to send in some DNA samples, a video of your most recent colonoscopy, an iris scan and finger prints, all with a 2 ounce 24 karat seal of approval from the POTUS to some "lawyer" on the cayman islands... to get back your gigamining share claim on GLBSE.

lol

[Otoh]

BFL ASIC update: When is the bulk of first 75 wafers will be delivered to BFL?

Soon. The first 5k chips will be arriving at the assembly house on Thursday, the second set about a week or week and a half after that, and the then rest of the chips another week or week and a half after that. That's the current timeline, and as usual, subject to change

Hi Otoh,

Thanks for posting these updates. I've been super busy putting the final touches on some stuff.

...

Best,
James

YW! BTW interesting to keep an eye on the Avalon competition incoming, not so many landed as yet apparently https://bitcointalk.org/index.php?topic=141154.0;all for anyone that's interested & hasn't seen this as yet.

[szuetam]

Hey, sory for mess but I can't lurk thru all 107 pages.
How could I estimate how much could I get from buy back of my 20 bonds?
What it depend on now since there is no exchange?

[Otoh]

there's no buy back possible atm, 20 bonds have approx 3.4 btc back dividends due I believe & some value going forward as either free or paid upgrade to Teramining, you will need to do the claims process to realize any of this though, affidavit etc - fairly easy if you're in the US but still worth doing if not with current BTC price.

[Otoh]

Update by Luke-Jr, not BFL but still is looking hopeful

Luke-Jr: "So the good news is, BFL will probably be shipping next week"

Sunday, 2013 03 17: Mercury direct - communications delays disappear, we should expect to see some movement again.


Edit to add: Update from BFL Josh of 15th March

[Newar]

I'm happy to report that my claim went through in less than 48 hrs after I submitted it.

I got my affidavit notarised at the US embassy here. It took 50 USD and an hour to get it all done. No Apostille required. Easier than running from one place to another.


For those wondering about how much you'd get now: I have 49 shares and am about to receive 8.45026177 BTC

[boonies4u]

I'm happy to report that my claim went through in less than 48 hrs after I submitted it.

I got my affidavit notarised at the US embassy here. It took 50 USD and an hour to get it all done. No Apostille required. Easier than running from one place to another.


For those wondering about how much you'd get now: I have 49 shares and am about to receive 8.45026177 BTC

Oooh, US Embassy, that's a good idea.

[kibblesnbits]

Where there's a will, there's a way.  After getting my paperwork done and followed the directions, I received my divvies.  I'd have to say it was a painless process.  I'm glad there might be a cheaper solution for those outside of the US. 

[Newar]

Oooh, US Embassy, that's a good idea.

Quentins', actually.

[Sukrim]

I'd have to say it was a painless process.  I'm glad there might be a cheaper solution for those outside of the US. 

BTC have to raise beyond 100 USD to even cover the 50 USD from my dividends, not counting the other ~50 USD and ~6 hours total travel time it would take me to actually get to the next US embassy... all that to be forced into an expiring contract called Teramining that is much different than advertised.

Still willing to sell my claim to my shares, still not allowed to + money being held hostage by gigavps.

[szuetam]

there's no buy back possible atm, 20 bonds have approx 3.4 btc back dividends due I believe & some value going forward as either free or paid upgrade to Teramining, you will need to do the claims process to realize any of this though, affidavit etc - fairly easy if you're in the US but still worth doing if not with current BTC price.

No buy back?
How's that? so what for do I need this bonds?

How it is possible that there is no buy back?

[Otoh]

there's no buy back possible atm, 20 bonds have approx 3.4 btc back dividends due I believe & some value going forward as either free or paid upgrade to Teramining, you will need to do the claims process to realize any of this though, affidavit etc - fairly easy if you're in the US but still worth doing if not with current BTC price.

No buy back?
How's that? so what for do I need this bonds?

How it is possible that there is no buy back?

GLBSE was auto-terminated in a big mess, now Giga makes the rules of how this will go forward in a way that he feels will protect him from potential problems, he insists you follow his claims process & doesn't allow any bonds/shares to be sold or transferred to others, he is not offering any buy backs atm mostly due to their being no market in which to value them & maybe for other reasons, anyway he's not negotiating on this so you either accept that or not.

[vrtrasura]

GLBSE was auto-terminated in a big mess, now Giga makes the rules of how this will go forward in a way that he feels will protect him from potential problems, he insists you follow his claims process & doesn't allow any bonds/shares to be sold or transferred to others, he is not offering any buy backs atm mostly due to their being no market in which to value them & maybe for other reasons, anyway he's not negotiating on this so you either accept that or not.

I haven't posted since Giga said he felt a bit bad and would post about the number of unclaimed and his plan to resolve them.  It's been almost 2 weeks.
This is serious bs.  Otoh, just because you had enough money invested with Giga that you need to kiss up to him doesn't mean the rest of us should stop pushing for what is right.  How about just a refund, as if I never bought anything.  AML doesn't restrict a business from giving someone their money back.  Regardless of what Giga decides, he's broken his original contract with all of us and should fix it or get a scammer tag.  He's a smart guy, I'm sure there are ways we could all compromise.  He's stealing our money instead. 

[Otoh]

GLBSE was auto-terminated in a big mess, now Giga makes the rules of how this will go forward in a way that he feels will protect him from potential problems, he insists you follow his claims process & doesn't allow any bonds/shares to be sold or transferred to others, he is not offering any buy backs atm mostly due to their being no market in which to value them & maybe for other reasons, anyway he's not negotiating on this so you either accept that or not.

I haven't posted since Giga said he felt a bit bad and would post about the number of unclaimed and his plan to resolve them.  It's been almost 2 weeks.
This is serious bs.  Otoh, just because you had enough money invested with Giga that you need to kiss up to him doesn't mean the rest of us should stop pushing for what is right.  How about just a refund, as if I never bought anything.  AML doesn't restrict a business from giving someone their money back.  Regardless of what Giga decides, he's broken his original contract with all of us and should fix it or get a scammer tag.  He's a smart guy, I'm sure there are ways we could all compromise.  He's stealing our money instead. 

I don't disagree with you, I objected strongly to his demands & only went along with them when it was clear that was the only way that I would likely see some of the money I'd invested returned to me, I don't call being forced in to doing something 'kissing up' & yes I had enough shares that it would have been stupid with the ever rising Bitcoin price to not accept that he was calling the shots on this & it was a take it or leave it option.

When replying to others who like me before objected to his way of handling this then I am just letting them know how things stand atm as far as I know, I am in no way condoning his handling of the matter & I do expect that with all he's made from those who invested in him that he will eventually be more flexible re small investors, minors & others who the claims process doesn't work well for if it's just a small percent of the bonds involved that are unclaimed - I hope so anyway though it seems like he can & will do as he chooses.

[herzmeister]

excuse me for some short intermezzo, but now that we have this FinCEN paper, doesn't it turn out that all this legal stuff isn't necessary after all?

seems that miners are not regulated, unless they directly sell for fiat, which this service doesn't do apparently?  

[BurtW]

excuse me for some short intermezzo, but now that we have this FinCEN paper, doesn't it turn out that all this legal stuff isn't necessary after all?

seems that miners are not regulated, unless they directly sell for fiat, which this service doesn't do apparently?  

Not clear.  Read this very carefully, especially the bolded part:

A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.

Now it seem to me that it might be argued that Giga/Tera is not selling us BTC that what is being sold is a contract to use his mining equipment to produce BTC for us.  Therefore as long as you use the BTC to buy stuff you are not a money transmitter - but if you sell the BTC for fiat you are then a money transmitter.  Anyway he has a lawyer to help him figure this out - I do not.